The currency markets across emerging markets have been increasingly volatile in the past year, with the Turkish lira, the Russian ruble and Thai baht experiencing substantial volatility due to political events in the countries.
One of the leading anonymous electronic trading platforms on the foreign exchange market, Thomson Reuters Matching, is going to start offering real-time electronic trading of spot and forwards on the Malaysian Ringgit and the Philippines Peso.
The platform already provides real time pricing for more than 60 spot FX pairs and over 30 swaps.
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Thomson Reuters established its presence in Malaysia and the Philippines many years ago, and delivering access to a centralized electronic order book to onshore banks will provide them with an increased number of reference rates on the levels of the USD/MYR and USD/PHP pairs, increasing efficiency, liquidity and transparency of the Malaysian ringgit and Philippine peso markets.
Thomson Reuters has partnered with the Philippine Dealing System Holdings Corp. & Subsidiaries (PDS Group) to provide Thomson Reuters Matching to members of the Bankers Association of the Philippines, while in Malaysia, Bank Negara Malaysia has granted an approval to conduct electronic money-broking services, making Matching the first electronic matching system for USD/MYR.
Thomson Reuters’ Asian Head of Liquidity Sales Nigel Fuller said in the company announcement, “Extending our market standard Matching capabilities to new markets has been a constant theme for us and, with the support of local market participants we believe that Matching will be a valued source of liquidity and help drive efficiency throughout the trade cycle, thus promoting long-term growth of the interbank foreign exchange market.”